Stocks prices are a proxy for our beliefs about the future

One of the most aggravating things I’m forced to listen to from time to time is people citing widely available valuation ratios as though their very existence has some sort of meaning for the future price of a particular stock. Such and such company is selling for only 15x earnings, therefore it’s cheap and you should buy it.  This ignores the fact that any information available to the masses is already price...

source https://thereformedbroker.com/2018/12/29/stocks-prices-are-a-proxy-for-our-beliefs-about-the-future-2/